the best Hyatt (overall) I have stayed.. was just there Dec. 29th - Jan. 1st
agreed with the above posts, make absolute certain that you get a deluxe room with the Bund view (we had to pay $15.00 extra per night, but worth every penny!)
and go down to B1 food court, you'll find a variety of inexpensive dishes
also went to M on the Bund, view was spectacular (similiar from our room) however food was so so, 10 of us Chinese-Americans were very disappointed
(warning: iced-tea was charged per 6 oz. glass! found that out only after we each had ordered three refills!

)
an excellent Shanghainese restaurant to recommend: Little South Country (Hsiao Nan Kwoh), make sure to go to the one at Hung Mei (Rainbow Plum) Road
for pubs and young crowd: Hsin Tien Tih (New Sky Earth = direct translation)
fun local scene/shopping: Chern Hwang Miao (old temple disrict)
have a fun stay at Shanghai, we did!
belle